Waiting To Manage Your Student Loan Debt Can Be Very Expensive!
We had a woman who was in her 50s call who has been paying her federal student loans every month. We figured out that over the years, she’s paid back over $87,000! Now, this might sound reasonable to some, but when I tell you that in 2002 she owed $43,000, you have to say, “OMG!”
There’s more. She had spoken with her big loan company once in 2007 and twice in 2009. Both times, the Public Service Forgiveness Program was in place. Both times, she was eligible for forgiveness. Wouldn’t you imagine this would come up in one of those calls?
Here we are, nine years later, and this woman still owes $57,000. We had looked up her loans, and we informed her of her choices. Unfortunately, they aren’t nearly as good today as they were years ago.
She was so upset by the situation that she called her big loan servicer to find out where her $87k went. While on the phone, she also asked why she hadn’t been enrolled into the Public Service Loan Forgiveness Program. Only then did she hear, “We don’t service those loans, so we don’t put people into them.” That’s not really the truth … the real truth is that big loan companies don’t want to lose you as a paying customer. Why should they when they make money every month, no matter if you pay or not?
You have to understand that when you call your government paid big loan servicer for any type of question you may have, you are not getting great advice or fully accurate information. Calling them is just like calling the IRS for tax advice or asking the prosecutor for legal advice. You would be crazy to do either of those. And it’s just as crazy to ask the company who wants to keep you paying for your entire life for advice and expect an answer that is good for YOU.
Had this woman been cared for properly, she wouldn’t owe hardly any more toward her loans—she would have almost gotten forgiveness. IF this big company looked out for her when she called in ’07 and ’09, they would have gotten her into a forgiveness program. They didn’t.
We actually couldn’t reduce her monthly payment if we were to get her forgiveness because her income was so high. But we could get her a lower payment every month with a timeline of payoff, which is so much more than she has ever had. Don’t make the same mistake and believe what the big companies tell you. It pays to call us to see if you are on the best program possible for your situation.
In most cases, we can significantly lower people’s payments or find them forgiveness. However, in some cases, people don’t qualify for the various federal forgiveness programs available to those with lower incomes. Every case, every person’s situation, is different. Take advantage of our free, no-obligation 30 minutes consultation and find out about your options. Our student loan advisers are highly trained and offer uncompromising personalized service. Call us today: 1-800-379-1093
Student Loan Reduction: From $3,000/month to $900 a month!
Today we helped a couple who had been paying over $3,000 a month and we got them down to $900 a month! The service we provide isn’t just for those people who can’t afford their payments. While, of course, we can help people who are in that situation tremendously, we offer a service that benefits a much larger segment of people with federal student loans. What we do is give people control of their finances, no matter their income level. In this case, the husband is a doctor who owed over $300,000 in federal student loans, and his wife owed over $60,000 for her grad school loans.
Here’s a little of their story: She is a stay-at-home wife with two children, dreaming about a possible third and planning on going back to work after the kids are older. He is a young doctor who has sacrificed years of time for all the education that’s needed for him to care for people. They’ve come to that point of wanting now to buy a home. However, their student loan debt was way more than $3,000 a month. They know that any bank looking at this will be concerned –not just with the debt load every month but also with all the open lines of credit for all of these individual loans. That kind of cash flow going to their federal student loans will prevent them from buying the home they’re dreaming about. This monthly payment will significantly affect the size of home and mortgage they will prequalify for, and because of that, the home will be much smaller than they really want.
So what did we do for them? Well, let’s be real… They did the hard part in picking up the phone and calling us. In spite of all the naysayers and all the negative Nellies who say we are this and that, preventing others from getting the freedoms they deserve, they had the courage to pick up the phone and call us to see if we could help them. That was the hardest part.
Then our side begins with highly educated reps who care about helping others. We analyze every situation because each person’s situation is different. Then we find the loan repayment program that gives our client the best advantage. We explain every detail, answering any and all questions or concerns our clients might have. We want our clients to have a full understanding so they can make an informed decision. After all, it is their future we’re talking about.
In this case, not only did we save them a boat load of money every month, but now they can take that extra money they would have used on their federal student loans and reduce or payoff their private loans and credit cards. Once they get those paid off, there are no prepayment penalties and they could payoff the balances earlier to save on the interest. Plus they’ll have the home they’ve dreamed about and much greater freedom.
If you are in default and the government is about to take your tax refund, or if you’re being garnished, or if you make $300,000 a year—call us to get the freedom you deserve over your federal student loan debt.